Estate Planning & Tax Planning Services

 

Tax and estate planning can be difficult; we get that. However, with the help of the talented attorneys here at Randy Smith, you can be sure you’re truly getting the best legal advice for you specific situation. Take a look at how we do this below.

Providing Peace of Mind

At the Law Office of Randy L. Smith, estate planning is about working directly with clients to identify their goals and create documents that achieve them. Although no one really likes to think about leaving loved ones behind, a well-crafted estate plan ensures that they will be cared for and protected. We work with moms and dads, husbands and wives, business owners and hard-working people to create legacies that safeguard what our clients have worked to build for their families. Whether you need to create a simple will or a complex trust, we can help you craft an estate plan that maximizes tax advantages and protects the people and assets that matter most.

Wills & Trusts

Without a will, your property will be distributed according to state law – and not always in the way you would have preferred. A Last Will and Testament may be effective at directing the distribution of property but alone will not avoid probate and often other forms of non-probate transfers are necessary. Trusts allow your Estate to avoid probate by titling assets in the name of your trust, which you then can control as a trustee during your lifetime. Upon your death, your beneficiaries can continue to enjoy income from the assets within your trust over time or may receive the property outright however you direct within the Trust. There are many types of trusts, including irrevocable trusts that confer tax benefits and other trusts that allow you to provide for your loved ones in a variety of circumstances. At The Law Offices of Randy Smith, LLC we prepare an assortment of trusts, including:

  • Revocable living trusts
  • Irrevocable Trusts
  • Charitable giving trusts
  • Special needs trusts
  • Generation skipping trusts
  • Irrevocable life insurance trusts

Because the state and federal tax laws governing estates and inheritances are nuanced and complex, it is important to work with an attorney skilled in this special area of law. Whether you have a modest income or significant assets, a comprehensive estate plan can help you preserve your wealth for your loved ones.

Durable Powers of Attorney & Living Wills

Most of us avoid thinking about the possibility of growing older and becoming unable to manage our own affairs. Without the right documents in place, however, your health and your finances could be left to chance – or the whim of the probate court. Fortunately, durable powers of attorney and living wills allow you to delegate life’s most important decisions to people you trust. A durable power of attorney – so called because it endures even after you have become incapacitated – allows you to name a trusted individual to pay bills, handle your finances, and make health decisions on your behalf. A living will is a type of advance directive that permits you to state your wishes regarding life support and other types of health care in the event you become terminally ill or permanently unconscious. You can also appoint a trustworthy person to oversee your health care-related wishes in a final illness.

Probate Avoidance

You have probably been warned to avoid probate at all costs, but do you really know why – or how? At the Law Office of Randy L. Smith, we devote a significant portion of our tax and estate planning practice to educating our clients about the probate process and how they can structure their assets to avoid it.

In the majority of cases, the probate process is long, costly, and emotionally draining. In most situations, a smart estate plan would have allowed surviving family members to avoid it entirely. With our help and guidance, you can title your assets in a way that allows your loved ones to inherit your property without court intervention, excessive costs, and public records.

Contact Us Today

To learn more about our approach to tax and estate planning, call our Springfield office today at 417-841-2775.

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